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The Blossom Partnership reported profit of $62,700 for the year ended February 28, 2021. Salary allowances are $54,800 for H. Mills and $26,900 for S.
The Blossom Partnership reported profit of $62,700 for the year ended February 28, 2021. Salary allowances are $54,800 for H. Mills and $26,900 for S. Stone. Interest allowances of 6% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2020, were as follows: H. Mills $72,400 (Cr.) and S. Stone $47,600 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner.
H. Mills | S. Stone | |||
---|---|---|---|---|
Profit allocated to partners | $enter a dollar amount | $enter a dollar amount |
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